"Hmm is it likely that the price of ETH will continue to rise higher?"
The second largest cryptocurrency Ethereum (ETH) has finally managed to break through $3,000 for the first time since April 2022 as expectations about the approval of the spot ETH ETF in the United States (US) are growing.
Driven by the rise of the crypto market, the rise of ETH has sparked excitement among traders as many expect the price to target $3,500 after the spot ETH ETF is approved.
Not only that, several major financial firms such as Fidelity, BlackRock and Franklin Templeton who submitted their applications for spot ETH ETFs are also the source of excitement for many traders.
Meanwhile ETH ICOs that have been inactive for eight years have resurfaced following the sending of large amounts of ETH to the Kraken exchange and this only adds to the increased activity and attraction for ETH.
There is no denying that the price of ETH has now shown a short-term pullback, but the crypto market sentiment is bullish further causing traders including analysts to closely watch the development of ETF approvals.
Plus there is growing hype around the Dencun upgrade scheduled for mid-March that has the potential to significantly destabilize the ETH network.
Although the spot approval of the ETH ETF promises to usher in a new era of institutional participation and investment in ETH, the outcome remains uncertain due to the Securities and Exchange Commission (SEC) Chairman's still cautious stance on cryptocurrencies other than Bitcoin (BTC).
As of this writing, ETH price has surged by 3.12% to $3,008 in the last 24 hours with a market cap of $361 billion then recorded a 14.19% climb over the past week.
